Lawmakers divided on income tax cut
The House voted against a bill to slowly cut the state’s income tax rate to 4%, citing the impact to the state’s revenues. At least 10 Republicans joined Democrats to vote against the measure 72-61.
L.D. 849 proposes reducing the state’s top income tax rate to 4% over time, using money from a fund used as a state savings account to make up the loss, according to MaineToday Media. Democrats said the bill would result in the loss of $600 million a year in state revenues and shift tax burden to towns and school districts. Sen. Jonathan Courtney, R-Springvale, the bill’s sponsor, said it would return excess revenue to taxpayers and encourage more people to live in Maine year-round.
The Senate previously voted in favor of the bill. More votes in both chambers are needed.
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